Evan Bayh & Kent Conrad back in action

“Sens. Evan Bayh and Kent Conrad have proposed a Bush tax cut compromise that's garnering GOP interest, reports John McKinnon: "Two top Senate Democrats floated the idea Tuesday of extending the Bush-era income-tax rates for a limited time only, and tying that move to an overhaul of the U.S. tax code or passage of policies to address the budget deficit...A spokesman for Rep. Dave Camp (R., Mich.), who is in line to become Ways and Means Committee chairman next year, said Mr. Camp preferred making the current rates permanent but has expressed a willingness to support a two-year extension 'and then use that time to work on fundamental tax reform.'"

 

“At a news conference, Sen. Kent Conrad (D., N.D.), the current chairman of the Senate Budget Committee, said he would prefer to extend the current breaks only until a complete tax overhaul can be accomplished. "If I were able to make the decision, I would go for changing the tax system fundamentally," Mr. Conrad said. "And I'd have an extension [of the Bush-era tax cuts] until that was accomplished."

 

Sen. Evan Bayh (D., Ind.) suggested a similar approach. He proposed a two-year extension of all the current tax levels, to be followed by the implementation of policies to reduce government deficits.

"For the next couple of years we need to err on the side of growth, not adding to the burdens of people who make the hiring and investing decisions," he said. "But after that we need to quickly pivot and begin reducing this debt."